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3y Bono, 5/10y Obli & 20y Green Obli

SPAIN AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E5-6bln of the 3y Bono, 5/10y Obli and 20y Green Obli
    • 0% May-25 Bono (ISIN: ES0000012K38)
    • 0.80% Jul-27 Obli (ISIN: ES0000012G26)
    • 0.70% Apr-32 Obli (ISIN: ES0000012K20)
    • 1.00% Jul-42 Green Obli (ISIN: ES0000012J07)
  • Market colour: Spanish yields have been rising since the beginning of the year. Yields saw 30-40bp dips at the end of February as markets absorbed the shock of the onset of the Ukraine war. Yields have since risen in a strong upwards trajectory, reaching highs on May 9-10th. The Bono saw a 1.227% high, the 5/10y Oblis reached 1.614% and 2.308% respectively, whilst the Green Obli reached 2.641%, almost 150bp higher than yields at the beginning of the year.
  • 3y Bono spreads to the Apr-25 Bobl have traded within the 35-65bp range since the second week of Feb, since narrowing to 60.9bp at time of writing. 0.80% Jul-27 Obli spreads to the 0% Apr-27 Bobl and 10y Obli spreads to the 10y Bund have both widened shy of 30bp from launch to the beginning of March, then narrowed 23bp to March 25, before widening around 23-25bp again to 70.8bp and 109.1bp at time of writing.
  • Timing: Results will be available shortly after the auction closes at 930 BST / 1030 CEST.
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